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Dubai: Deyaar declares AED316mn earnings for H1 2017

UAE-based property development and real estate services company, Deyaar Development, announced that they have experienced a 135% year-on-year increase in revenues for the first six months of 2017, ending in June.

Deyaar is one of Dubai’s foremost developers, with real estate ventures in strategically located areas that are considered key growth corridors and prime locations within the emirate. Over the years, Deyaar has amassed an extensive portfolio of commercial and residential properties.

These tactfully situated properties may have helped increase Deyaar’s profits as the firm increased its revenue to AED316.4mn at the end of the first half of 2017. This year’s revenue numbers show a stark increase from last year’s report of Deyaar’s earnings in the same period. Deyaar reported an AED134.9mn revenue intake for H1 2016.

Deyaar’s net profit for H1 2017 is AED 67mn, lesser than the previous year (AED 111.3mn). This year’s profit figure was a result of significant progress in Deyaar’s flagship projects.

Saeed Al Qatami, chief executive officer, Deyaar, said: “We have made a progress in 2017, recording growth in terms of revenues in comparison to the same time last year. This has been due to the popularity of Mont Rose and The Atria properties, both of which are near completion with handover anticipated in 2017. In the last six months of 2017, our focus will be on delivering our projects and diversifying our portfolio, which includes our new hospitality projects – a critical component of developing our company to be more aligned with the vision of the UAE’s leadership.”

 

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